Melly: Cushion economy from crisis


Published on 27/02/2009

By Maseme Machuka

The Government has been urged to come up with policies to tackle global financial crisis.

Standard Group Deputy Chairman and Strategy Adviser Paul Melly said yesterday Kenya must move fast to save the economy from sliding into a recession.

Visiting President of Korea Foundation Sung-joon Yim (second right) with the Standard Group Deputy Chairman and Strategy Advisor Paul Melly (right), Group Managing Director Paul Wanyagah (left) and Assistant Director, Group Chief Editor John Bundotich at the Standard Group head office, on Thursday. [PHOTO: ANDREW KILONZI/STANDARD]

“The country must wake up. The country will soon start feeling the effects of this recession. The challenge needs collaborative approaches,” he said.

Speaking at the company offices at I&M; Building when he met Korean Foundation President Yim Sung-joon, Mr Melly asked the developing world not to depend on aid.

“Only collaborative efforts will help small countries. Aid will be adversely reduced due to domestic constrains facing countries that give aid to Africa,” he said.

Train business skills

He emphasised the need to train people in business skills, adding that this would check unemployment for they can be self-employed.

Mr Yim, who was accompanied by South Korean envoy Han-Gon Lee, asked Kenya to repackage economic policies to be in tandem with changing global trends to remain competitive.

“Kenya needs to expand trade to new frontiers and create space for more opportunity,” said Yim.

He quoted the American President Barack Obama’s 2006 speech at the University of Nairobi saying: “In the early 1960s, when Kenya gained independence, its gross national product was not very different from that of South Korea. Today, South Korea’s economy is 40 times larger than Kenya’s.”

Greater heights

Melly said: “If Kenya can change the way of doing things, then we can move this country to greater heights.” He was flanked by Group Managing Director Paul Wanyagah, Group Operations and Technical Director John Opiyo and Group Finance and Commercial Director Sarvjeet S Channa. Also present was Group Assistant Director and Chief Editor John Bundotich.

South Korea is among the 13 largest economies in the world.

Yim highlighted bilateral opportunities his country offers Kenya, including academic and cultural exchanges and entrepreneurship training.

“I know Kenya will overcome. If we did it, you, too, can. Kenya only needs to remain resilient and work hard ,” he added.

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